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Technical Analysis – USDCAD slips into neutral shoes as bearish pace stalls

Posted on November 17, 2020 at 2:22 pm GMT

USDCAD seems to be adopting a neutral structure after finding a foothold on the falling 50-day simple moving average (SMA) at 1.3063, following its recent pullback from the longer-term SMAs. The price is currently pushing up against the mid-Bollinger band at 1.3109, while all SMAs maintain their bearish tone. The short-term oscillators at the moment convey mixed signals in directional momentum. The MACD is presently located at the zero mark, after falling below its trigger line in the positive section. [..]

Technical Analysis – EURJPY sinks in descending channel in short-term

Posted on November 17, 2020 at 1:55 pm GMT

EURJPY has been declining in a descending channel over the last one-and-a-half-month, touching the 40-period simple moving average (SMA). The RSI indicator is heading south in the positive area, while the MACD is flattening near the trigger line in the short-term. Should prices continue to fall, immediate support could come from the 20-period SMA at 123.30 ahead of the 38.2% Fibonacci retracement level of the up leg from 114.40 to 127.10 at 122.21. A drop below this area could take [..]

Australian unemployment expected to rise again ahead of preliminary retail sales – Forex News Preview

Posted on November 17, 2020 at 1:16 pm GMT

October’s employment report for Australia is likely to catch investors’ eyes on Thursday at 0030 GMT, along with preliminary retail sales figure on Friday at 0030 GMT. The governor of the Reserve Bank of Australia (RBA), Philip Lowe, has confirmed a major shift in Australia’s monetary policy by stating the central bank would now focus on employment rather than inflation. Nevertheless, the aussie continues to move higher against the US dollar but may soon need a boost for stronger bullish movements. [..]

Daily Market Comment – Vaccine rally eases but optimism prevails

Posted on November 17, 2020 at 9:47 am GMT

Vaccine hopes keep risk assets supported even as more US states clamp down Dow closes in on 30,000 as growth-to-value rotation accelerates Dollar steadier, euro shrugs off EU budget crisis, pound holds out for Brexit deal Oil moderates ahead of OPEC+ meeting as bleak short-term outlook curbs advances Moderna adds to vaccine euphoria The fight against the pandemic took another major step forward on Monday after Moderna became the latest pharmaceutical company to announce a vaccine for COVID-19. Moderna’s vaccine, [..]

Technical Analysis – GBPUSD regains optimism above Ichimoku cloud

Posted on November 17, 2020 at 9:29 am GMT

GBPUSD’s positive response appears to be strengthening as the pair is stepping higher from the minor pullback towards the Ichimoku cloud. The bounce on November 2 off the 100-day simple moving average (SMA) brightened the bias as it drove the price over the cloud, keeping bullish hopes alive. The rising red Tenkan-sen line conveys increasing momentum, while the MACD and the stochastic oscillator reflect a rise in sentiment. The MACD, in the positive area, is developing above its red trigger [..]

Technical Analysis – EURGBP stuck within 0.8900 zone and descending channel

Posted on November 17, 2020 at 8:56 am GMT

EURGBP remains stuck between the 20- and 200-day exponential moving averages (EMA) and the 0.8900 territory following the rebound at the bottom of a tight descending channel last week. The momentum indicators reflect a bearish-to-neutral risk as the RSI continues to hover slightly below its 50 mark and the negative MACD is set to deviate above its red signal line. A decisive rally above the channel’s upper boundary currently seen at 0.9030 would be ideal to develop positive sentiment and push resistance [..]

US retail sales in sight as Fed prepares for action – Forex News Preview

Posted on November 16, 2020 at 4:19 pm GMT

America’s latest retail sales data will hit the markets at 13:30 GMT Tuesday, and investors will look for clues on whether the Fed will pull the easing trigger again in December. With US infections spiraling out of control lately, Congress locked in a stalemate over more fiscal relief, and longer-dated US bond yields rising after the vaccine news, the Fed may frankly have no choice. As for the dollar, all this may imply some pain, but the upside in euro/dollar [..]

Technical Analysis – AUDUSD tests upper Bollinger Band but upside momentum flimsy

Posted on November 16, 2020 at 3:45 pm GMT

AUDUSD’s recent positive development appears to be struggling around the upper Bollinger band, whilst heavy resistance threatens overhead. That said, the simple moving averages (SMAs) are commanding a strong bullish tone backing further advances in the price. The short-term oscillators are communicating conflicting signals in directional momentum. The MACD is improving above its trigger and zero lines, while the RSI is rising in bullish territory. However, the stochastic oscillator has posted a bearish shift, promoting a pullback in price. If [..]

Technical Analysis – AUDUSD’s momentum flimsy; Bollinger band blocks climb

Posted on November 16, 2020 at 2:45 pm GMT

AUDUSD’s recent positive development appears to be struggling around the upper Bollinger band, whilst heavy resistance threatens overhead. That said, the simple moving averages (SMAs) are commanding a strong bullish tone backing further advances in the price. The short-term oscillators are communicating conflicting signals in directional momentum. The MACD is improving above its trigger and zero lines, while the RSI is rising in bullish territory. However, the stochastic oscillator has shifted bearish, promoting a pullback in price. If sentiment picks [..]

Technical Analysis – US 500 index heads up towards spike of all-time high

Posted on November 16, 2020 at 11:30 am GMT

The US 500 index (cash) is approaching the spike that it posted on November 9, reaching a fresh all-time high of 3,674.11. As the price jumped above the 3,589 barrier, the expectation is a retest of the record peak before moving into uncharted paths. The upside rally could then pause at psychological levels such as 4,000 and 4,500. The technical indicators are currently endorsing the bullish outlook as the RSI is heading towards the overbought threshold, while the stochastic %K line turned up after the decline [..]

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